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Top 5 ways to protect your cryptocurrency wallet

 Since 2009 when Bitcoin was introduced to the world, cryptocurrencies have gained value, and today their market capitalization exceeds $300 billion, and experts predict that we will continue to see an increase in the value of cryptocurrencies.

Top 5 ways to protect your cryptocurrency wallet


While this is welcome news for cryptocurrency traders, hackers looking to get a piece of the pie disrupted the market, stealing users' logins and funds in 2019, with investors losing $292,665,886 worth of cryptocurrency. .


Security breaches are on the rise, fueling the need for cryptocurrency traders to take extra precautions when using exchanges and storing their cryptocurrency. Before we take a look at the security practices you can use to keep your digital wallet safe and secure, let's talk about some of the security risks.


What are the security risks?

Hackers are taking advantage of the COVID-19 pandemic to exploit individuals, as online security risks have risen in the early stages of the pandemic, with malicious attempts increasing complexity. As the crypto market has not escaped these attacks, here are three security risks that cryptocurrency traders face:


Investor tricks:

Scammers pretending to be cryptocurrency traders or exchanges that demand high returns on cryptocurrency deceive unsuspecting victims.


Scammers use social media and emails to target users, and Bitcoin is the dominant cryptocurrency in the market; The cryptocurrency was also the most exploited by scammers.


Phishing:

Emails claiming to be from legitimate sources such as charities and government agencies are on the rise during the pandemic. Using (COVID-19) as a cover, these phishing scams encourage people to click on links to donate or purchase personal protective equipment. These links take people to malicious websites, where personal information, including private keys for cryptocurrency exchanges, can be exposed to hackers.


Ransomware:

With ransomware, the malware encrypts your system and files, then demands a ransom to restore or decrypt the files. Some ransomware requires payment in cryptocurrency.


5 ways to protect your digital wallet:

Despite these security risks, cryptocurrency wallets remain one of the best options for securing your cryptocurrencies, so how can you protect your wallet from malicious activities? Here are five ways:


Use a reliable password manager:

It can be hard to remember your private key code, which gives you access to your encrypted wallet. This is a security tactic, so be quiet by using a reliable password manager to store and retrieve your code, meaning you won't have to worry about forgetting your private keys and locking your wallet.


Download VPN:

Applying a Virtual Private Network (VPN) is another way to enhance your security, as a VPN can encrypt your online connection, preventing hackers from monitoring cryptocurrency exchanges, many cryptocurrency traders use this tool to ensure their anonymity online.


Use two wallets:

Consider keeping a small amount of cryptocurrency in your online wallet for trading purposes and keep the rest in an offline wallet, that way, if malware tries to intercept your online wallet password, the rest of your money will be safe and stored out of the reach of hackers.


Use two-factor authentication:

Instead of using just one password to access your encrypted wallet, two-factor authentication enhances your security by requiring an additional token. The code can be sent to your phone as a text or email, and is only valid for a few minutes.


Update device software and antivirus software:

One of the best ways to strengthen your device and reduce vulnerabilities is to update your software and antivirus app regularly. These regular updates remove vulnerabilities.

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